What is an HSA?Īn HSA is an account you deposit money in for health-related expenses. The best part: when paired with a health insurance plan, the money is deposited tax-free. "I would go and buy cold medicine (and) things of that nature during the fall getting ready for the winter and just use my HSA card when I buy it," he added. "You can also use it for flu shots.drug prescriptions and even over-the-counter medicine like Sudafed," says Chris Hogan, author of "Retire Inspired: It’s Not an Age It’s a Financial Number." We're talking everything from sunscreen and contact lens solution to baby monitors and wheelchairs. Guess what? You can use your HSA money for a lot more than emergency room visits. Or, we just plain don't understand the purpose of putting money into a separate account that we think can only be used for doctor's visits and medical emergencies.
By the time we get to the health savings account (HSA) slide, we're either half asleep or thinking about lunch. Most of us probably zone out during our employer's health benefits presentation.
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